Envestnet Asset Management Inc. Boosts Stock Holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Key Points

• Envestnet Asset Management Inc. increased its stake in AvidXchange Holdings by 6.4%, owning 494,944 shares valued at approximately $4,197,000.
• Insider transactions include sales by company executives: President Daniel Drees sold 25,972 shares and CEO Michael Praeger sold 40,005 shares, both at an average price of $9.74.
• AvidXchange has seen significant upgrades in analyst ratings, with price targets raised by firms like Morgan Stanley to $10.00 and Keefe, Bruyette & Woods to $9.00.

Envestnet Asset Management Inc. lifted its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX - Free Report) by 6.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 494,944 shares of the company's stock after buying an additional 29,781 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.24% of AvidXchange worth $4,197,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Azora Capital LP acquired a new position in AvidXchange during the 4th quarter valued at about $45,067,000. FMR LLC increased its position in shares of AvidXchange by 8.4% in the fourth quarter. FMR LLC now owns 14,889,282 shares of the company's stock worth $153,955,000 after acquiring an additional 1,155,513 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of AvidXchange during the fourth quarter worth approximately $10,292,000. Point72 Asset Management L.P. boosted its holdings in shares of AvidXchange by 74.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,700,334 shares of the company's stock worth $17,581,000 after purchasing an additional 723,724 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of AvidXchange during the fourth quarter worth approximately $7,052,000. 80.58% of the stock is currently owned by institutional investors.

Insider Activity at AvidXchange

In other AvidXchange news, CEO Michael Praeger sold 40,005 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total value of $389,648.70. Following the transaction, the chief executive officer directly owned 11,037,830 shares of the company's stock, valued at approximately $107,508,464.20. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Daniel Drees sold 25,972 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $9.74, for a total transaction of $252,967.28. Following the completion of the transaction, the president directly owned 1,167,186 shares in the company, valued at $11,368,391.64. This trade represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,890 shares of company stock valued at $933,969. 11.10% of the stock is currently owned by company insiders.

AvidXchange Trading Up 0.1%

AvidXchange stock traded up $0.01 during mid-day trading on Tuesday, hitting $9.87. 232,997 shares of the stock were exchanged, compared to its average volume of 2,910,484. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.10. AvidXchange Holdings, Inc. has a 12 month low of $6.61 and a 12 month high of $12.85. The firm's fifty day simple moving average is $9.80 and its two-hundred day simple moving average is $9.18. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 987.00 and a beta of 1.20.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AVDX shares. BTIG Research cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Morgan Stanley upped their target price on shares of AvidXchange from $8.00 to $10.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Baird R W cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Susquehanna cut shares of AvidXchange from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Keefe, Bruyette & Woods raised their price target on shares of AvidXchange from $8.00 to $9.00 and gave the stock a "market perform" rating in a research note on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $10.30.

AvidXchange Profile

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.